Subproject C05 — Political security and financial market stability
in the wake of the global financial crisis
Bild: Vor der Europäischen Zentralbank
Since the beginning of the global financial crisis in 2007, financial market stability has increasingly been considered a core element of political stability. Financial market stability and its (re)constitution are held to be among the most important prerequisites for the integrity of the political community, both on the nation-state level and on the supranational level of the European Union. In light of this, we pose the question of to what extent and in which ways understandings of political security, and the practices that are supposed to constitute it, assimilate a logic that originates in the financial economy. This involves tracing the dynamics of the securitisation of the financial economy and the consequences for political action that arise from the influence of fiscal logic on understandings and practices of political security.
The guiding question is: How has the global financial crisis affected understandings and practices of political security since 2007?
Redefinitions of political security, in which the content of fiscal stability has been assimilated, are apparent from various reactions to the financial crisis. At the same time, political security is increasingly articulated with reference to fiscal rationalities on the level of concepts, classificatory systems, operational routines and expertise.
The analysis refers to several levels, integrated by additional guiding questions. Among these are:
- Are there convergences between fiscal conceptual elements and those of political security in public discussion?
- Which actors have influenced understandings and practices of political security under the pressure of the crisis? Did the crisis involve a (re)structuring of elites to whom particular epistemic expertise and authority is attributed in relation to the handling of the global financial crisis?
- Did the power of defining “security” actually lie with political actors who wanted to regulate the financial economy or with finance-related actors who advanced their own interests by way of expertise?
- Are we witnessing a political securitisation of the financial markets or a financialisation of political security?